– Credit-ratings agency Standard & Poor’s expects this year’s U.S. vehicle sales to be 16.6 million to 16.8 million units, in line with 2002’s total of 16.8 million. Most industry forecasts at the start of 2003 ranged from 15.9 million to 17 million units. S&P initially predicted total sales on the lower end of that range. Increased optimism about the economy and heavy incentives have helped create strong demand for cars and light trucks in recent months. Toyota Motor Sales USA Inc., American Honda Motor Co. and Hyundai Motor America set monthly sales records in the U.S. in August.
– ZAP, the company known mostly as a seller of electric bicycles, will begin importing and selling electric cars. ZAP is importing 50 cars from Italy for sale throughout the country, and it has signed a deal to import and sell the four-passenger World Car from Chinese maker Heibao, though the number of cars has not been set. All the cars are neighborhood vehicles–not legal for use on streets–but ZAP hopes to sell street-legal electric cars by next year. The company is enlisting used-car dealers to distribute the vehicles.
– DaimlerChrysler will buy diesel engines from Volkswagen for use in Chrysler and Mitsubishi models in the European market. Under the deal, terms of which were not disclosed, D/C will buy 120,000 engines a year through 2013.
